UAE holds biggest portion of SWF in GCC countries

(MENAFN) The UAE sovereign wealth fund assets are predicted to hit USD975 billion in 2014, up 43 percent the total SWF assets held by the GCC countries, according to the Emirates 24/7.

The UAE assets ranked first among the GCC countries, followed by Saudi Arabia totaling USD680 billion, while Kuwait ranked third, followed by Qatar.

Andrew Atkinson of global trade credit insurance company Euler Hermes said: "The financial cushion provided by such reserves (of variable liquidity) allows GCC countries to boost domestic demand through state spending on infrastructure projects (thereby boosting jobs and future growth) and on social spending (health, education and other welfare provision). Trade opportunities with the GCC are therefore likely to remain relatively buoyant in the forecast period, even if global conditions are not supportive."

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